Credit Card Companies Add E.M.V. Technology in... - Other News

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Credit Card Applications » News » Other » Credit Card Companies Add E.M.V. Technology in Response to Bad Press

Credit Card Companies Add E.M.V. Technology in Response to Bad Press

Credit Card Companies Add E.M.V. Technology in Response to Bad Press
The content is accurate at the time of publication and is subject to change.

In response to a June 8th New York Times article that focused on the problems Americans had using their credit cards aboard; several companies have added new E.M.V. cards into the mix. ( E.M.V. stands for EuropayMasterCard and VISA) JP Morgan Chase and U.S. Bank are now offering customers the opportunity to obtain these cards so that they will not encounter any obstacles in shopping when traveling abroad.

Reader Compatibility

The primary problem is that the technologies we have in the U.S. and those in European countries do not match. Believe it or not, the U.S. magnetic strip technology on credit cards is in the “dinosaur age” compared to the rest of Europe. European credit cards and credit card readers have an embedded chip rather than the magnetic strip that U.S. cards have, which can cause American credit cards to get denied altogether when traveling abroad.

Solutions

Abroad travelers have turned to their own measures for dealing with the potential problems. Now, however, American credit card companies are finally responding to the issues. The response is that many credit card issuers, companies and banks are adding the chips that are compatible with foreign travel, which are known as E.M.V. chips. Chase made its announcement on June 17th that the chip technology would become available on its J. P. Morgan Select Visa Signature card. This may be considered a privilege to these card holders since it also carries a $95 annual fee. Prior to adding the E.M.V. chip to the J.P. Morgan Select Visa card, the bank did offer the option to its group of high networth banking customers.

The other bank that is offering the new technology as a perk to its foreign bank travelers is U.S. Bank. Through its FlexPerks Travel Rewards Visa, 20,000 U.S. Bank customers had cards with the E.M.V. chip embedded. U.S. Bank says it intends to roll out the new technology in additional travel cards at some point by the end of 2011.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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